Fifth Third Bancorp Cuts Stock Holdings in Veralto Co. (NYSE:VLTO)

Fifth Third Bancorp trimmed its position in shares of Veralto Co. (NYSE:VLTO - Free Report) by 21.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,244 shares of the company's stock after selling 23,655 shares during the quarter. Fifth Third Bancorp's holdings in Veralto were worth $7,469,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in VLTO. Factory Mutual Insurance Co. purchased a new stake in Veralto in the 4th quarter worth $9,260,000. State of Michigan Retirement System purchased a new stake in Veralto in the 4th quarter worth $4,940,000. Asset Management One Co. Ltd. purchased a new stake in Veralto in the 4th quarter worth $7,944,000. Vontobel Holding Ltd. purchased a new stake in Veralto in the 4th quarter worth $60,495,000. Finally, OLD National Bancorp IN purchased a new stake in Veralto in the 4th quarter worth $876,000. 91.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on VLTO shares. The Goldman Sachs Group started coverage on shares of Veralto in a report on Friday, March 22nd. They issued a "buy" rating and a $104.00 price target for the company. Citigroup upped their target price on shares of Veralto from $89.00 to $94.00 and gave the stock a "neutral" rating in a report on Monday, April 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Veralto in a report on Wednesday, January 10th. They set a "hold" rating and a $79.00 target price for the company. BNP Paribas initiated coverage on shares of Veralto in a report on Tuesday, March 12th. They set an "outperform" rating and a $103.00 target price for the company. Finally, Argus initiated coverage on shares of Veralto in a report on Tuesday, January 9th. They set a "buy" rating and a $90.00 target price for the company. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Veralto has a consensus rating of "Moderate Buy" and a consensus target price of $95.18.

Veralto Trading Up 2.2 %

Shares of VLTO stock traded up $2.04 on Friday, hitting $95.89. 940,032 shares of the stock traded hands, compared to its average volume of 1,920,957. The firm's 50-day moving average price is $89.39 and its two-hundred day moving average price is $81.12. The company has a current ratio of 1.83, a quick ratio of 1.56 and a debt-to-equity ratio of 1.76. Veralto Co. has a twelve month low of $65.51 and a twelve month high of $96.13.

Veralto (NYSE:VLTO - Get Free Report) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.08. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. Veralto's revenue for the quarter was up 1.7% on a year-over-year basis. As a group, sell-side analysts forecast that Veralto Co. will post 3.34 earnings per share for the current year.

Veralto Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were given a $0.09 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.36 dividend on an annualized basis and a yield of 0.38%.

Insider Buying and Selling at Veralto

In other Veralto news, SVP Melissa Aquino sold 8,041 shares of the company's stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $93.56, for a total value of $752,315.96. Following the transaction, the senior vice president now owns 20,761 shares of the company's stock, valued at $1,942,399.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Veralto news, insider Mattias Bystrom sold 500 shares of the firm's stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $86.10, for a total value of $43,050.00. Following the completion of the transaction, the insider now owns 30,310 shares of the company's stock, valued at approximately $2,609,691. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Melissa Aquino sold 8,041 shares of the business's stock in a transaction on Friday, April 26th. The stock was sold at an average price of $93.56, for a total transaction of $752,315.96. Following the completion of the transaction, the senior vice president now owns 20,761 shares of the company's stock, valued at approximately $1,942,399.16. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

Veralto Company Profile

Veralto Corporation provides water analytics, water treatment, marking and coding, and packaging and color services worldwide. It operates through two segments, Water Quality (WQ) and Product Quality & Innovation (PQI). The WQ segment offers precision instrumentation and water treatment technologies to measure, analyze, and treat water in residential, commercial, municipal, industrial, research, and natural resource applications through the Hach, Trojan Technologies, and ChemTreat brands.

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